Down Payment Assistance Program
Down payment assistance available to eligible first-time homebuyers!
BayCoast Mortgage, a wholly owned subsidiary of BayCoast Bank, is offering Down Payment Assistance program in Massachusetts and Rhode Island to eligible first-time home buyers who are purchasing a home within BayCoast Bank’s Community Reinvestment Act (CRA) Assessment Area or other surrounding municipalities.
- To qualify, borrowers must meet income and purchase limits.
- Applicants will be notified of eligibility and grant amount at the time of loan approval
- Funds will be available to qualified buyers at the time of the closing
How does this program work?*
The Down Payment Assistance Program offers a total of $500,000 to qualifying borrowers. The initial $100,000 of program funds will be provided as grants. The remaining $400,000 will be accessible to eligible buyers as an interest-free loan, with repayment starting in the sixth year. The program will conclude once the allocated funds are depleted.
Eligible Cities & Towns:
Our BayCoast Mortgage experts can help guide you as you choose the program that suits your needs.
Contact us to learn more!
877-466-2678 – Toll Free
508-742-4777 – Fax
*Tier I = Deferred. No monthly payments or interest accrual. Second mortgage to be forgiven after 5 years if the first mortgage loan is paid on time and property remains owner occupied. If sold within the 5 years, payback of funds is required on a pro rata basis of 20% for each year remaining of the 5 years. Tier II = Monthly payments are deferred for the first 5 years. Loan repayment commences at year 6, interest-free for the remaining 10 years. If home is sold within the first 5 years, the Second Mortgage will need to be paid off in its entirety. New Jersey—BayCoast Mortgage Company, LLC, 330 Swansea Mall Drive, Swansea, MA 02777, 877-466-2678, Licensed Mortgage Banker- NJ Banking and Insurance Department. New Hampshire—Licensed by the New Hampshire Banking Department #19631-MB. Rhode Island—Rhode Island Licensed Lender. Virginia—BayCoast Mortgage Company, LLC, NMLS #1082048 (http://www.nmlsconsumeraccess.org/). Exempt from licensing in MA, CT, PA, MD, NC, SC, and FL. All loans are subject to credit approval.